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How Corporations are Taxed by the U.S. Government

HOW CORPORATIONS ARE TAXED BY THE U.S. GOVERNMENT TAXES ON THE RISE Corporations have always been a major source of revenue for the IRS. Historically, the amount of money they pay in taxes has almost consistently gone up, particularly from 1990 to today. CORPORATE INCOME TAX (IN MILLIONS OF DOLLARS) 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2008 2010 2011 FISCAL YEAR CORPORATE INCOME TAXES On average, corporate taxes make up about 2% AS A PERCENTAGE OF THE GDP of the United States GDP. In 2010 that figure fell to 1.1%, the lowest it's been since the 1930s. 1935 $$$$$$$$$$$$0.8% $$$$$1.2% $$$ 1940 1945 $$$$$7.2% 1950 3.8% $$$ 1955 $$$$4.5% %$$$$44.1% T 1960 1965 $$$3.7% 1970 3.2% 1975 2.6% $$$2.4% m 1980 1985 1.6% 1990 1.6% 1995 2.1% 2000 $$2.1% 2005 $$$2.2% 2010 SS$$$$$$$ $$1.1% Source: Internal Revenue Service HOW MUCH OF THE TOTAL RECEIPTS DO CORPORATIONS PAY? The 2009 total federal tax receipts equaled $2,104,995,000,000. CORPORATIONS PAYING LESS OF THE TOTAL TAX While the dollar amount of total corporate receipts has steadily risen, the percentage of total taxes they pay has fallen. 6.57% 35.4% 26.5% In 2009, corporate income taxes equaled $138,229,000,000. 1945 1950 Source: U.S. Government Printing Office 27.3% 23.2% 21.8% 17% 14.6% 1955 1960 1965 1970 1975 12.5% 8.4% 9.1% 11.6% 10.2% 1980 1985 1990 1995 2000 12.9% 7.7% RECENT ESTIMATES BROKEN DOWN In 2007, the total revenue for 5,868,849 corporations was 1 2005 $28,762,923,553,000. 2010 Source: Internal Revenue Service Their total pretax income was $3,667,455,525,000. The corporations paid $370,243,000,000 in total federal taxes. So they took home a total amount of $3,297,202,525,000. Source: Internal Revenue Service It's important to remember that the 5.9 million corporations in the U.S. only make up 18% of the 32 million businesses in the country. So income taxes generated from "corporations" are only a portion of the income taxes from "businesses." JUST 18% 18% Source: Internal Revenue Service RASMUSSEN COLLEGE FISCAL YEAR $15,988 $10,449 $17,861 $21,494 $25,461 $32,829 $40,621 009't9$ S61,331 $93,507 $157,004 $207,289 $278,282 $304,306 $178,993 (ESTIMATED) $305,771 (ESTIMATED) HOW CORPORATIONS ARE TAXED BY THE U.S. GOVERNMENT TAXES ON THE RISE Corporations have always been a major source of revenue for the IRS. Historically, the amount of money they pay in taxes has almost consistently gone up, particularly from 1990 to today. CORPORATE INCOME TAX (IN MILLIONS OF DOLLARS) 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2008 2010 2011 FISCAL YEAR CORPORATE INCOME TAXES On average, corporate taxes make up about 2% AS A PERCENTAGE OF THE GDP of the United States GDP. In 2010 that figure fell to 1.1%, the lowest it's been since the 1930s. 1935 $$$$$$$$$$$$0.8% $$$$$1.2% $$$ 1940 1945 $$$$$7.2% 1950 3.8% $$$ 1955 $$$$4.5% %$$$$44.1% T 1960 1965 $$$3.7% 1970 3.2% 1975 2.6% $$$2.4% m 1980 1985 1.6% 1990 1.6% 1995 2.1% 2000 $$2.1% 2005 $$$2.2% 2010 SS$$$$$$$ $$1.1% Source: Internal Revenue Service HOW MUCH OF THE TOTAL RECEIPTS DO CORPORATIONS PAY? The 2009 total federal tax receipts equaled $2,104,995,000,000. CORPORATIONS PAYING LESS OF THE TOTAL TAX While the dollar amount of total corporate receipts has steadily risen, the percentage of total taxes they pay has fallen. 6.57% 35.4% 26.5% In 2009, corporate income taxes equaled $138,229,000,000. 1945 1950 Source: U.S. Government Printing Office 27.3% 23.2% 21.8% 17% 14.6% 1955 1960 1965 1970 1975 12.5% 8.4% 9.1% 11.6% 10.2% 1980 1985 1990 1995 2000 12.9% 7.7% RECENT ESTIMATES BROKEN DOWN In 2007, the total revenue for 5,868,849 corporations was 1 2005 $28,762,923,553,000. 2010 Source: Internal Revenue Service Their total pretax income was $3,667,455,525,000. The corporations paid $370,243,000,000 in total federal taxes. So they took home a total amount of $3,297,202,525,000. Source: Internal Revenue Service It's important to remember that the 5.9 million corporations in the U.S. only make up 18% of the 32 million businesses in the country. So income taxes generated from "corporations" are only a portion of the income taxes from "businesses." JUST 18% 18% Source: Internal Revenue Service RASMUSSEN COLLEGE FISCAL YEAR $15,988 $10,449 $17,861 $21,494 $25,461 $32,829 $40,621 009't9$ S61,331 $93,507 $157,004 $207,289 $278,282 $304,306 $178,993 (ESTIMATED) $305,771 (ESTIMATED) HOW CORPORATIONS ARE TAXED BY THE U.S. GOVERNMENT TAXES ON THE RISE Corporations have always been a major source of revenue for the IRS. Historically, the amount of money they pay in taxes has almost consistently gone up, particularly from 1990 to today. CORPORATE INCOME TAX (IN MILLIONS OF DOLLARS) 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2008 2010 2011 FISCAL YEAR CORPORATE INCOME TAXES On average, corporate taxes make up about 2% AS A PERCENTAGE OF THE GDP of the United States GDP. In 2010 that figure fell to 1.1%, the lowest it's been since the 1930s. 1935 $$$$$$$$$$$$0.8% $$$$$1.2% $$$ 1940 1945 $$$$$7.2% 1950 3.8% $$$ 1955 $$$$4.5% %$$$$44.1% T 1960 1965 $$$3.7% 1970 3.2% 1975 2.6% $$$2.4% m 1980 1985 1.6% 1990 1.6% 1995 2.1% 2000 $$2.1% 2005 $$$2.2% 2010 SS$$$$$$$ $$1.1% Source: Internal Revenue Service HOW MUCH OF THE TOTAL RECEIPTS DO CORPORATIONS PAY? The 2009 total federal tax receipts equaled $2,104,995,000,000. CORPORATIONS PAYING LESS OF THE TOTAL TAX While the dollar amount of total corporate receipts has steadily risen, the percentage of total taxes they pay has fallen. 6.57% 35.4% 26.5% In 2009, corporate income taxes equaled $138,229,000,000. 1945 1950 Source: U.S. Government Printing Office 27.3% 23.2% 21.8% 17% 14.6% 1955 1960 1965 1970 1975 12.5% 8.4% 9.1% 11.6% 10.2% 1980 1985 1990 1995 2000 12.9% 7.7% RECENT ESTIMATES BROKEN DOWN In 2007, the total revenue for 5,868,849 corporations was 1 2005 $28,762,923,553,000. 2010 Source: Internal Revenue Service Their total pretax income was $3,667,455,525,000. The corporations paid $370,243,000,000 in total federal taxes. So they took home a total amount of $3,297,202,525,000. Source: Internal Revenue Service It's important to remember that the 5.9 million corporations in the U.S. only make up 18% of the 32 million businesses in the country. So income taxes generated from "corporations" are only a portion of the income taxes from "businesses." JUST 18% 18% Source: Internal Revenue Service RASMUSSEN COLLEGE FISCAL YEAR $15,988 $10,449 $17,861 $21,494 $25,461 $32,829 $40,621 009't9$ S61,331 $93,507 $157,004 $207,289 $278,282 $304,306 $178,993 (ESTIMATED) $305,771 (ESTIMATED) HOW CORPORATIONS ARE TAXED BY THE U.S. GOVERNMENT TAXES ON THE RISE Corporations have always been a major source of revenue for the IRS. Historically, the amount of money they pay in taxes has almost consistently gone up, particularly from 1990 to today. CORPORATE INCOME TAX (IN MILLIONS OF DOLLARS) 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2008 2010 2011 FISCAL YEAR CORPORATE INCOME TAXES On average, corporate taxes make up about 2% AS A PERCENTAGE OF THE GDP of the United States GDP. In 2010 that figure fell to 1.1%, the lowest it's been since the 1930s. 1935 $$$$$$$$$$$$0.8% $$$$$1.2% $$$ 1940 1945 $$$$$7.2% 1950 3.8% $$$ 1955 $$$$4.5% %$$$$44.1% T 1960 1965 $$$3.7% 1970 3.2% 1975 2.6% $$$2.4% m 1980 1985 1.6% 1990 1.6% 1995 2.1% 2000 $$2.1% 2005 $$$2.2% 2010 SS$$$$$$$ $$1.1% Source: Internal Revenue Service HOW MUCH OF THE TOTAL RECEIPTS DO CORPORATIONS PAY? The 2009 total federal tax receipts equaled $2,104,995,000,000. CORPORATIONS PAYING LESS OF THE TOTAL TAX While the dollar amount of total corporate receipts has steadily risen, the percentage of total taxes they pay has fallen. 6.57% 35.4% 26.5% In 2009, corporate income taxes equaled $138,229,000,000. 1945 1950 Source: U.S. Government Printing Office 27.3% 23.2% 21.8% 17% 14.6% 1955 1960 1965 1970 1975 12.5% 8.4% 9.1% 11.6% 10.2% 1980 1985 1990 1995 2000 12.9% 7.7% RECENT ESTIMATES BROKEN DOWN In 2007, the total revenue for 5,868,849 corporations was 1 2005 $28,762,923,553,000. 2010 Source: Internal Revenue Service Their total pretax income was $3,667,455,525,000. The corporations paid $370,243,000,000 in total federal taxes. So they took home a total amount of $3,297,202,525,000. Source: Internal Revenue Service It's important to remember that the 5.9 million corporations in the U.S. only make up 18% of the 32 million businesses in the country. So income taxes generated from "corporations" are only a portion of the income taxes from "businesses." JUST 18% 18% Source: Internal Revenue Service RASMUSSEN COLLEGE FISCAL YEAR $15,988 $10,449 $17,861 $21,494 $25,461 $32,829 $40,621 009't9$ S61,331 $93,507 $157,004 $207,289 $278,282 $304,306 $178,993 (ESTIMATED) $305,771 (ESTIMATED) HOW CORPORATIONS ARE TAXED BY THE U.S. GOVERNMENT TAXES ON THE RISE Corporations have always been a major source of revenue for the IRS. Historically, the amount of money they pay in taxes has almost consistently gone up, particularly from 1990 to today. CORPORATE INCOME TAX (IN MILLIONS OF DOLLARS) 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2008 2010 2011 FISCAL YEAR CORPORATE INCOME TAXES On average, corporate taxes make up about 2% AS A PERCENTAGE OF THE GDP of the United States GDP. In 2010 that figure fell to 1.1%, the lowest it's been since the 1930s. 1935 $$$$$$$$$$$$0.8% $$$$$1.2% $$$ 1940 1945 $$$$$7.2% 1950 3.8% $$$ 1955 $$$$4.5% %$$$$44.1% T 1960 1965 $$$3.7% 1970 3.2% 1975 2.6% $$$2.4% m 1980 1985 1.6% 1990 1.6% 1995 2.1% 2000 $$2.1% 2005 $$$2.2% 2010 SS$$$$$$$ $$1.1% Source: Internal Revenue Service HOW MUCH OF THE TOTAL RECEIPTS DO CORPORATIONS PAY? The 2009 total federal tax receipts equaled $2,104,995,000,000. CORPORATIONS PAYING LESS OF THE TOTAL TAX While the dollar amount of total corporate receipts has steadily risen, the percentage of total taxes they pay has fallen. 6.57% 35.4% 26.5% In 2009, corporate income taxes equaled $138,229,000,000. 1945 1950 Source: U.S. Government Printing Office 27.3% 23.2% 21.8% 17% 14.6% 1955 1960 1965 1970 1975 12.5% 8.4% 9.1% 11.6% 10.2% 1980 1985 1990 1995 2000 12.9% 7.7% RECENT ESTIMATES BROKEN DOWN In 2007, the total revenue for 5,868,849 corporations was 1 2005 $28,762,923,553,000. 2010 Source: Internal Revenue Service Their total pretax income was $3,667,455,525,000. The corporations paid $370,243,000,000 in total federal taxes. So they took home a total amount of $3,297,202,525,000. Source: Internal Revenue Service It's important to remember that the 5.9 million corporations in the U.S. only make up 18% of the 32 million businesses in the country. So income taxes generated from "corporations" are only a portion of the income taxes from "businesses." JUST 18% 18% Source: Internal Revenue Service RASMUSSEN COLLEGE FISCAL YEAR $15,988 $10,449 $17,861 $21,494 $25,461 $32,829 $40,621 009't9$ S61,331 $93,507 $157,004 $207,289 $278,282 $304,306 $178,993 (ESTIMATED) $305,771 (ESTIMATED) HOW CORPORATIONS ARE TAXED BY THE U.S. GOVERNMENT TAXES ON THE RISE Corporations have always been a major source of revenue for the IRS. Historically, the amount of money they pay in taxes has almost consistently gone up, particularly from 1990 to today. CORPORATE INCOME TAX (IN MILLIONS OF DOLLARS) 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2008 2010 2011 FISCAL YEAR CORPORATE INCOME TAXES On average, corporate taxes make up about 2% AS A PERCENTAGE OF THE GDP of the United States GDP. In 2010 that figure fell to 1.1%, the lowest it's been since the 1930s. 1935 $$$$$$$$$$$$0.8% $$$$$1.2% $$$ 1940 1945 $$$$$7.2% 1950 3.8% $$$ 1955 $$$$4.5% %$$$$44.1% T 1960 1965 $$$3.7% 1970 3.2% 1975 2.6% $$$2.4% m 1980 1985 1.6% 1990 1.6% 1995 2.1% 2000 $$2.1% 2005 $$$2.2% 2010 SS$$$$$$$ $$1.1% Source: Internal Revenue Service HOW MUCH OF THE TOTAL RECEIPTS DO CORPORATIONS PAY? The 2009 total federal tax receipts equaled $2,104,995,000,000. CORPORATIONS PAYING LESS OF THE TOTAL TAX While the dollar amount of total corporate receipts has steadily risen, the percentage of total taxes they pay has fallen. 6.57% 35.4% 26.5% In 2009, corporate income taxes equaled $138,229,000,000. 1945 1950 Source: U.S. Government Printing Office 27.3% 23.2% 21.8% 17% 14.6% 1955 1960 1965 1970 1975 12.5% 8.4% 9.1% 11.6% 10.2% 1980 1985 1990 1995 2000 12.9% 7.7% RECENT ESTIMATES BROKEN DOWN In 2007, the total revenue for 5,868,849 corporations was 1 2005 $28,762,923,553,000. 2010 Source: Internal Revenue Service Their total pretax income was $3,667,455,525,000. The corporations paid $370,243,000,000 in total federal taxes. So they took home a total amount of $3,297,202,525,000. Source: Internal Revenue Service It's important to remember that the 5.9 million corporations in the U.S. only make up 18% of the 32 million businesses in the country. So income taxes generated from "corporations" are only a portion of the income taxes from "businesses." JUST 18% 18% Source: Internal Revenue Service RASMUSSEN COLLEGE FISCAL YEAR $15,988 $10,449 $17,861 $21,494 $25,461 $32,829 $40,621 009't9$ S61,331 $93,507 $157,004 $207,289 $278,282 $304,306 $178,993 (ESTIMATED) $305,771 (ESTIMATED)

How Corporations are Taxed by the U.S. Government

shared by Rasmussen_College on Nov 13
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Inspired by course material from the Rasmussen College Accounting degree -- Financial Investigation course, this inforgraphic gives a great visual on how America's corporations are taxed.

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